The “World Bank” has unveiled an allocation of about $ 200 billion between 2021 and 2025 for investments aimed at helping developing countries cope with climate change, doubling the amount allocated for the previous period.
The bank said “the move would send a strong signal to the international community to do the same”, revealing that the $ 200 billion would be $ 100 billion (direct World Bank funding), while about a third of the rest would come from two World Bank agencies & the rest will be from private funds mobilized by the World Bank Group.
Developed countries pledged to raise public and private funding for climate policies in developing countries to $ 100 billion by 2020, compared to $ 48.5 billion in 2016 and $ 56.7 billion last years, according to data from economic cooperation & development organizations.
Source: (Economic Bulletin website, Edited)
